Connect with us

News

Insurers’ assets hit N3.3trn as premium income rises by 51%

Published

on

By Francesca Hangeior.

 

Despite the harsh operating business environment in the economy, insurance companies were able to grow their total assets by 36.9 per cent year-on-year, YoY, to N3.3 trillion in Q1’24 from N2.4 trillion in the corresponding period of Q1’23.

The National Insurance Commission, NAICOM, disclosed this in its first quarter Q1’24 report of the insurance sector.

Advertisement

According to the report, total assets of non-life business stood at N1.9 trillion while total assets of life business stood at N1.4 trillion.

According to NAICOM, the insurance industry sustained positive performance and market deepening capacity indicating its ability to adapt and grow despite the prevailing macroeconomic challenges.

Further analysis of the report show that industry gross premium income increased by 51 per cent to N470.7 billion in Q1’24 from N311.5 billion recorded in Q1’23.

According to NAICOM, the impressive increase is attributable to the regulatory measures and market dynamics.

Advertisement

Further analysis of the report show that the non-life segment led the market as it generated premium income of N326.9 billion indicating 69.5 per cent contribution of the total premium pool while the life segment generated N144.9 billion representing 30.5 per cent of the total premium during the period.

On claims payment, claims paid increased by 71.8 per cent to N149.1 billion in Q1’24 from N86.8 billion recorded in Q1’23.

According to NAICOM, the growth in claims payment is a reflection of increased public enlightenment and growing confidence of stakeholders concerning claims settlement.

“This is a win-win situation for insurers, policyholders and society at large as stakeholder confidence remains a major determinant of market deepening and sustainability in the long run.”

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Watch Saturday episode of Your Family Lawyer on ‘How can I get a divorce under Islamic marriage

Published

on

Seasoned lawyer and progenitor of Your Family Lawyer, Chuma Chinye tackled how you can get a divorce under Islamic marriage.

Using vivid examples and solutions on how you can maintain a cool head when faced on how to get your rights under Islamic marriage.

Watch podcast below:

Advertisement
Continue Reading

News

BREAKING: Jubilation As PDP Wins All 30 LGs In Osun State(See winners)

Published

on

By Kayode Sanni-Arewa

The Osun State Independent Electoral Commission, OSSIEC, has announced that the Peoples Democratic Party, PDP, won all the local government and councillorship positions in the just concluded local government elections in the state.

The Chairman of the Commission, Hashim Abioye, made this announcement via a Facebook Live broadcast on Saturday evening.

Abioye stated that PDP candidates secured all the councillorship seats in all 332 wards in the state, as well as the chairmanship elections in all 30 local government council areas.

Advertisement

The names of the PDP chairmanship candidates and their respective local government council areas:

Babalola Wasiu Kayode – Boripe

Okunade Oluwafemi Adesanya – Egbedore

Adeyenuwo Rotimi John – Ife Central

Advertisement

Agboola Francis Olajire – Obokun

Azeez Lateef Adeniran – Isokan

Aina Abayomi Adesina – Boluwaduro

Sodiq Samuel Oluwapelumi – Ola Oluwa

Advertisement

Ajibade Oluwatoyin S. – Irepodun

Adebanjo Oladiti Tunmininu – Ilesa West

Ibironke Alade Adegboye – Atakumosa East

Aroke Muyiwa Aderemi – Ife South

Advertisement

Kolade Obafemi Kolawole – Olorunda

Moshood Adekunle Kabiru – Iwo

Awotunde Abiodun Sarafadeen – Ifelodun

Akande Taiwo Adekunle – Osogbo

Advertisement

Dada Feyisayo Ajibola – Atakumosa West

Amodu Taiwo – Ede North

Atolagbe Kayode Olayinka – Ifedayo

Akande Michael O. – Ife North

Advertisement

Adeyekun Taiwo Adebayo – Oriade

Adeniran Adenike Felicia – Ayedaade

Afolabi Oyekola Lukman – Ede South

Odunyemi Haruna Bukola – Ife East

Advertisement

Jooda Ambali Babajide – Irewole

Adewale Adeyinka Oluwaseun – Odo Otin

Ogunbiyi Solomon Akinyemi – Ayedire

Raimi Adenike Nafisat – Ejigbo

Advertisement

Adebisi Jayeola Nasir – Ila

Ilesanmi Taiwo Sunday – Ilesa East

Alade Aderemi Fatai – Orolu

Advertisement
Continue Reading

News

DSS arrests three for assaulting operatives during LSHA crisis

Published

on

By Kayode Sanni-Arewa

The Department of State Services (DSS) has arrested three persons linked to the alleged assault on its officers during the crisis that rocked the Lagos State House of Assembly, following the removal Mudashiru Obasa, as Speaker

Apparently sensing danger, some lawmakers had mobilized their supporters to the Assembly Complex, but these supporters allegedly attacked some DSS officers who were invited by the Assembly leadership to secure the facility. Security sources revealed that “after extensive analysis of CCTV footage, we were able to clearly identify three of the suspects”.
“The suspects, Ibrahim Olanrewaju Abdulkareem, a photographer and two others attached to the Assembly’s Seargent at Arms, Adetu Adekunle Samsudeen and Adetola Oluwatosin Fatimoh, a lady, were consequently tracked and arrested during the week in different parts of Lagos,” The trio have since confessed to the crime and will soon be charged to court, the source said.

It would be recalled that the Lagos Assembly had in a leaked memo dated 14th February, 2025 and addressed to the DSS Director in the State, and Heads of other Security Agencies in Lagos State, told the Security Agencies in Lagos that, there was credible information to the effect that, Obasa had planned to forcefully reinstate himself today, February 18, 2025.
Accordingly, the Assembly management, held the view that, the development posed “a potential security threat” to it and its members.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News